Richfield, MN Cost of Living

Richfield cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.

The above illustration supplies generalized information for the Richfield, MN cost of living index. Compared to other cities in Minnesota and cities across the country, the cost of living index in Richfield, MN is 104, which is 1% higher than the Minnesota average and 4% higher than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Richfield, MN are 3% higher than the average for Minnesota and 10% higher than the rest of the country.

Did you know?

The cost of living in Richfield is 1% higher than the Minnesota average.

The cost of living in Richfield is 4% higher than the national average.

The cost of housing in Richfield is 1% higher than the national average.

Minnesota general sales tax is 35% higher than the national average.

Minnesota state income tax is 141% higher than the national average.

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Cost of living index

Goods & Services index

Groceries index

Health care index

Housing index

Transportation index

Utilities index

Use the salary calculator to compare your current salary in Richfield, MN to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Richfield, MN, then you would need to earn more income in order to maintain the same standard of living. To use the Richfield, MN salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median Income

Per Year

Per Month

Max Budget (28% DTI)

Max Budget (36% DTI)

Owners

$68,850

$5,738

$1,606

$2,066

Renters

$32,348

$2,696

$755

$971

The affordability of the housing market in Richfield, MN as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Richfield, MN homeowners, the median income is $68,850. This indicates that a monthly maximum of $1,606 should be spent by homeowners on all housing related costs. Renters have a median income of $32,348. This indicates that renters should have a maximum of $755 used for their rent related monthly costs.

Minnesota Sales Tax

State

General Sales Tax

With Max Surtax

Minnesota

6.875%

7.875%

Minnesota Income Tax

State

Income Tax (Low)

Income Tax (High)

Minnesota

5.35%

9.85%

When you are determining the total cost of living in Richfield, MN you will want to make sure you consider both the Minnesota sales tax and the Minnesota income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Minnesota is 6.875%, with the highest surtax being 7.875%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Minnesota have a range from 5.35% to 9.85%.

Goods & Services

Item

Richfield

National avg.

Difference

Haircut

$22.60

$14.59

54.9%

Beauty Salon

$33.37

$34.68

3.8%

Toothpaste

$3.44

$2.47

39.1%

Shampoo

$1.05

$1.02

2.7%

Movie

$9.80

$9.87

0.7%

Bowling

$4.06

$4.39

7.6%

Groceries

Item

Richfield

National avg.

Difference

Ground Beef

$3.63

$4.48

18.9%

Fried Chicken

$1.85

$1.46

26.4%

Milk

$2.33

$2.36

1.1%

Potatoes

$3.12

$3.06

1.9%

Pizza

$10.58

$9.24

14.5%

Beer

$8.48

$8.63

1.8%

Health Care

Item

Richfield

National avg.

Difference

Optometrist

$82.75

$99.78

17.1%

Doctor

$133.63

$105.03

27.2%

Dentist

$84.81

$88.70

4.4%

Ibuprofen

$11.66

$9.41

23.9%

Lipitor

$252.50

$298.50

15.4%

Housing

Item

Richfield

National avg.

Difference

Home Price

$184,800.00

$175,700.00

5.2%

Avg. Mortgage Payment

$1,221.08

$1,081.03

13.0%

Apartment Rent

$841.00

$920.00

8.6%

Transportation

Item

Richfield

National avg.

Difference

Gasoline

$1.96

$2.09

6.3%

Tire Balancing

$54.71

$45.29

20.8%

Utilities

Item

Richfield

National avg.

Difference

All Electricity

$163.14

$170.80

4.5%

Phone

$24.99

$28.26

11.6%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.